Set to be launched by ITV managing director (commercial) Kelly Williams and deputy managing director Simon Daglish at the broadcaster's ITV Palooza event at the Royal Festival Hall tonight, the programmatic ad platform will go live at the start of 2020.

Planet V will enable advertisers and agencies to have more control over their campaign reach across ITV Hub video-on-demand, combining their own targeting data with ITV’s first-party data to buy online ads on a joined-up, "end-to-end" basis.

ITV is inviting other broadcasters to join Planet V, which was built using Amobee’s advertising technology.

Planet V will launch externally in February following an initial "concierge" period kicking off in December, when it will be rolled out to agencies. ITV said that, throughout 2020, the platform will be "continuously brought to clients with enhanced features and capabilities".

ITV Hub currently has about 30 million registered users and carries popular programmes including Love Island and live coverage of the recent Rugby World Cup, which drew 26 million simulcast requests during the tournament. It is available via 28 platforms and apps.

Planet V is not dissimilar to Sky’s AdSmart platform, although the latter lets advertisers target addressable advertising on its non-digital, linear programming.

Channel 4 has signed a deal to make its channels available using AdSmart. However, ITV has resisted joining the platform, telling investors in September that it preferred to focus on ITV Hub.

Meanwhile, Sky is also in exploratory talks with BBC to enable the latter to use its AdSmart-powered PromoSmart tool to personalise programming trailers based on viewer preferences.

Williams said: "Planet V is a significant step forward for us, meeting the widening demands of advertisers and bringing ITV’s unparalleled combination of mass simultaneous reach and targeted advertising. It will be a continually evolving platform, providing the very best frictionless, data-driven buy in a premium, brand-safe environment for our clients."

The announcement of Planet V has been welcomed by agencies, including Dentsu Aegis Network. Steve Ballinger, managing director of commercial trading, described the offering as "exactly what the industry needs".

He added: "ITV is investing in technology to enhance and evolve how we buy programmatic, data-targeted VOD in premium inventory and that can only be a good thing for clients."

The news comes on the same day that ITV reported ad revenue up 1% in the third quarter. The broadcaster said it expects growth in the fourth quarter to be between 0% and 1%, resulting in a decline of 2% for the full year.

For the nine months to 30 September, ITV recorded ad revenues of £1.25m, down 3% year on year from £1.29m.